Tina Ambani has again skipped an ED summons in a money-laundering investigation linked to a Manhattan property purchase. The ED, which will issue a fresh summons, recently attached assets worth Rs 1,885 crore from the Reliance Anil Ambani Group.
Tina Ambani, wife of industrialist Anil Ambani, on Tuesday again skipped Enforcement Directorate summons in a money-laundering probe for the second consecutive time within a month. She was summoned by the ED to appear for a money laundering investigation, but didn't report to the agency's headquarters. Earlier, she skipped the February 9 investigation despite being called for examination. Officials said a fresh summons will be served to her very soon.
The 68-year-old former actor was called in for questioning in connection with a money trail linked to the purchase of a luxury condominium in Manhattan, New York. The move comes a month after the ED attached assets worth Rs 1,885 crore ofthe Reliance Anil Ambani Group.
Details of Asset Attachments
In the operation, the agency attached several properties, including bank balances, receivables, shareholding in unquoted investments, and immovable properties. The attachments were made in relation to Reliance Home Finance Limited, Reliance Commercial Finance Limited, the Yes Bank alleged fraud case, and the Reliance Communication Limited Bank fraud case.
The ED had earlier also attached properties worth over Rs 10,117 crore in the bank fraud cases of Reliance Communications Ltd. (RCOM), Reliance Commercial Finance Ltd., and Reliance Home Finance Ltd. Therefore, Cumulative Group Attachment has reached Rs 12,000 Crore (approximately).
Probe into Fund Diversion
ED has detected fraudulent diversion of public money by various Reliance Anil Ambani group companies, including Reliance Communications Ltd, Reliance Home Finance Ltd (RHFL), Reliance Commercial Finance Ltd (RCFL), Reliance Infrastructure Ltd (RIL) & Reliance Power Ltd (RHFL).
Yes Bank Investment Scrutiny
During 2017-2019, ED has said, Yes Bank invested Rs 2,965 crore in RHFL instruments and Rs 2,045 crore in RCFL instruments. By December 2019, these became non-performing investments. The outstanding was Rs 1,353.50 crore for RHFL and Rs 1,984 crore for RCFL.
ED's investigation in the case of RHFL and RCFL reveals that RHFL and RCFL received public funds of more than Rs 11,000 crore. Before investing this money in Reliance Anil Ambani Group companies, Yes Bank had received substantial funds from the erstwhile Reliance Nippon Mutual Fund.
CBI FIR and RCOM Investigation
ED has also initiated an investigation based on an FIR registered by the CBI under various Sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1989, against RCOM, Anil Ambani, and others.
RCOM and its group companies availed loans from domestic and foreign lenders from 2010-2012 onwards, of which a total of Rs. 40,185 Crore is outstanding. 9 banks have declared the Group's loan accounts fraudulent.
Misuse of Loan Funds
ED investigation revealed that loans taken by one entity from one bank were used to repay loans taken by other entities from other banks, to make transfers to related parties, and to invest in mutual funds, in contravention of the terms and conditions of the sanction letter for the loans.
In particular, RCOM and its group companies diverted over Rs 13,600 crore for evergreening of loans; over Rs 12,600 Crore was diverted to connected parties and over Rs 1,800 Crore was invested in FDs/MFs etc., which was substantially liquidated for rerouting to group entities.
Significant misuse of bill discounting to funnel funds to connected parties has also been detected by the ED. Certain loans were siphoned off outside India through foreign outward remittances.
ED is actively pursuing perpetrators of financial crimes and is committed to restituting Proceeds of Crime to their rightful claimants. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)